Friday, November 27, 2009

The Most Corrupted Malaysian

Malaysia has squandered an estimated RM100 billion on financial scandals under the 22-year rule of Dr Mahathir Mohamad, according to a new book about the former prime minister.

According to Barry Wain, author of the soon-to-be launched ‘Malaysian Maverick: Mahathir Mohamad in Turbulent Times’, direct financial losses amounted to about RM50 billion.

This doubled once the invisible costs, such as unrecorded write-offs, were taken into account. The RM100 billion total loss was equivalent to US$40 billion at then prevailing exchange rates.

Barry, who is a former editor of the Asian Wall Street Journal, says most of the scams, which included a government attempt to manipulate the international tin price and gambling by Bank Negara on global currency markets, occurred in the 1980s.


‘Malaysian Maverick’ is the first independent, full-length study of Mahathir, who retired in 2003 after more than two decades as premier. The book will be published globally next week by Palgrave Macmillan.

Wain writes that the Mahathir administration, which took office in 1981 with the slogan, “clean, efficient, trustworthy”, was almost immediately embroiled in financial scandals that “exploded with startling regularity”.

By the early 1990s, he says, cynics remarked that it had been “a good decade for bad behaviour, or a bad decade for good behaviour”.

Secret military deal with US

The book also reveals that:

Mahathir, despite his nationalistic rants, signed a secret security agreement with the United States in 1984 that gave the Americans access to a jungle warfare training school in Johor and allowed them to set up a small-ship repair facility at Lumut and a plant in Kuala Lumpur to repair C-130 Hercules transport aircraft.
Mahathir used a secret fund of his ruling Umno to turn the party into a vast conglomerate with investments that spanned almost the entire economy.
Mahathir’s Umno financed its new Putra World Trade Centre headquarters in Kuala Lumpur partly with taxpayers money, by forcing state-owned banks to write off at least RM140 million in interest on Umno loans.
Wain, who is now a writer-in-residence at the Institute of Southeast Asian Studies in Singapore, however credits Mahathir with engineering the country’s economic transformation, deepening industrialisation and expanding Malaysia’s middle class.

But Mahathir had undermined state institutions, permitted the spread of corruption and failed to provide for Malaysia’s future leadership, he says.

Related Article:

Do you know that:

Last year, Petronas gained a total pre-tax profit of RM86.8 billion and so far, it has earned about RM600 billion. As the surge of international oil prices, it’s profits will as well substantially grow. But the government has reduced fuel subsidies by a wide margin, turning Malaysia into one of the world’s most expensive oil price oil-producing countries. It makes the people wonder where the huge profit of Petronas has gone?

Former Work Minister Datuk Seri S. Samy Vellu said in the Parliament last year that the government has compensated a total of RM38.5 billion to 20 highway companies. Also, as the government has stopped building the Scenic Bridge in Johor, it has to compensate RM300 million construction cost to the bridge contractor. Isn’t the spending of such huge amount a waste?

Former Deputy Prime Minister Datuk Seri Anwar Ibrahim revealed that the Central Bank has lost RM30 billion in foreign exchange trading in the 1990s. Who was the manipulator behind it? (Second Finance Minister was in charge of Bank Negara’s Forex trading at that time)

Malaysia Airlines was said to have suffered losses every year. But why to spend RM1.55 million to buy three paintings to decorate its chairman’s office? And why to spend RM7,525 per day to recruit a foreign senior general manager?

Proton Holdings bought a 57.75% stake in MV Agusta for €70 million but sold it at €1 (RM4.50) a year later, causing Proton to lose €75.99 million (RM 348 million)?

Other excesses and wastages:

1. The Bank Bumiputra twin scandals in the early 1980s saw US$1 billion (RM3.2 billion in 2008 ringgit)

2. The Maminco attempt to corner the world tin market in the 1980s is believed to have cost some US$500 million. (RM1.6 billion)

3. Betting in foreign exchange futures cost Bank Negara Malaysia RM30 billion in the 1990s.

4. Perwaja Steel resulted in losses of US$800 million (RM2.56 billion). Eric Chia, was charged with corruption for allegedly steering US$20 million (RM64 million) to a Hong Kong-based company

5. Use of RM10 billion public funds in the Valuecap Sdn. Bhd. operation to shore up the stock market

6. Banking scandal of RM700 million losses in Bank Islam

7. The sale of M.V. Agusta by Proton for one Euro making a loss of €75.99 million (RM 348 million)

8. Wang Ehsan from oil royalty on Terengganu RM7.4 billion from 2004 – 2007

9. For the past 10 years since Philharmonic Orchestra was established, this orchestra has swallowed a total of RM500 million

10. In Advisors Fees, Mahathir was paid RM180,000, Shahrizat Abdul Jalil (women and social development affairs) RM404,726 and Abdul Hamid Othman (religious) RM549,675 per annum

11. The government has spent a total of RM3.2 billion in teaching Maths and Science in English over the past five years. Out of the amount, the government paid a whopping RM2.21 billion for the purchase of information and computer technology (ICT) equipments which it is unable to give a breakdown.

12. The commission paid for purchase of jets and submarines to two private companies Perimeker Sdn Bhd and IMT Defence Sdn Bhd amounted to RM910 million.

13. RM300 million to compensate Gerbang Perdana for the RM1.1 billion “Crooked Scenic Half-Bridge”

14. RM1.3 billion have been wasted building the white elephant Customs, Immigration and Quarantine (CIQ) facilities on cancellation of the Malaysia-Singapore scenic bridge

15. RM 100 million on renovation of Parliament building and leaks

16. National Astronaut Programme – RM 40 million

17. National Service Training Programme – yearly an estimate of RM 500 million

18. Eye on Malaysia – RM 30 million and another RM5.7 million of free ticket

19. RM 4.63 billion, ’soft-loan’ to PKFZ

20. RM 2.4 million on indelible ink

21. Samy announced in September 2006 that the government paid compensation amounting to RM 38.5 billion to the highway companies. RM 380 million windfalls for 9 toll concessionaires earned solely from the toll hike in 2008 alone.

22. RM32 million timber export kickbacks involving companies connected to Sarawak Chief Minister and his family.

Bailouts -
23. Two bailouts of Malaysia Airline System RM7.9 billion

24. Putra transport system, which cost RM4.486 billion

25. STAR-LRT bailout costing RM3.256 billion

26. National Sewerage System costing RM192.54 million

27. Seremban-Port Dickson Highway costing RM142 million

28. Kuching Prison costing RM135 million

29. Kajian Makanan dan Gunaan Orang Islam costing RM8.3 million.

30. Le Tour de Langkawi costing RM 3.5 Million

31. Wholesale distribution of tens of millions of shares in Bursa Malaysia under guise of NEP to cronies, children and relatives of BN leaders and Ministers worth billions of ringgits.

32. APs scandal had been going on year-after-year going back for more than three decades, involving a total mind-boggling sum of tens of billions of ringgits

33. Alienation of tens of thousands of hectares of commercial lands and forestry concessions to children and relatives of BN leaders and Ministers worth tens of billions of ringgits

34. Travel around Malaysia and see for yourself how many white elephants like majestic arches, roads paved with fanciful bricks, designer lamp posts, clock towers, Municipal Council buildings that looks more like Istanas, extravagant places of worship, refurbishment of residences of VIPs, abandoned or under-utilised government sports complexes and buildings, etc! Combined they could easily amount to the hundreds of billions of ringgits!

35. Wastages and forward trading of Petronas oil in the 1990s based on the low price of oil then. Since the accounts of Petronas are for the eyes of Prime Minister only, we have absolutely no idea of the amount. Whatever amount, you bet it is COLLOSSAL!

In Time Asia magazine issue on March 15 2004, South East Asian economist at Morgan Stanley in Singapore Daniel Lian, figures “that the country may have lost as much as U$$100 billion (RM320 billion) since the early 1980s to corruption.” Mind you, this is only corruption and it does not include wastages!

All the rakyat’s hard earned money down the drain and they have the audacity to raise fuel prices and asking the people to change their lifestyles.

21 comments:

Anonymous said...

org PKR tak corrupt ke..how about anwar ibrahim? sama rasa sama saja

Anonymous said...

Minister in the Prime Minister’s Department Datuk Seri Nazri Abdul Aziz lashed out at former Prime Minister Tun Mahathir Mohamad today, calling him "the father of all racism."

Anonymous said...

Not just most corrupted. Most racist. Father of all racism. Well his father came from India but he is a malay.

Anonymous said...

This old fool who can't even accept his ancestral lineage.An old fool with low self esteem.

Anonymous said...

Rule by fear and ignorance and maintain your eminance. Protect yourself with OSA and ISA Type of Acts and then semuanya OK.

Anonymous said...

Can any find out when he enroll in Medicine in MU in Singapore, was he a malay or indian?Is he a liar?

Anonymous said...

Quote

“He should not forget that he personally signed the detention orders … blaming the police now does not speak well of his maturity and credibility as a former premier,” he said in a statement.

Karpal added that Mahathir’s lie was futher nailed by the fact that he (Karpal) was rearrested under the ISA after Mahathir himself had signed the second detention order."

Surely he is a liar. A liar for vested interest.

Anonymous said...

Quote

AS MUCH AS YOU WANT FOR FREE, MY SON!

"As PM Najib Razak conducts his evaluation of BN’s record in Sarawak over this weekend, we recommend that he considers the shocking information revealed by our latest investigation into Taib’s Land Grabs. Over the past 3 years alone the Chief Minister has handed his own son, the fashion-dandy Mahmud Abu Bekir Taib, Native Customary Rights Lands totalling the area of Singapore – and all for FREE! "

Anonymous said...

His distorted memoir is out!
It will provide a crying shame to him and those who bear his name!
After GE13, let's us see where is he going to hide?
All politicians in UMNO-BARU are indebted to him as the party was founded by him. This is why they are so loyal to him.
S***, we are so gullible by him!

Anonymous said...

Do we know what was the impact for this?

Imaging if the money was used to build the country's economy properly: the RM exchange rate today should be RM1.00 to SG$2.50, not the other way around!

:(

Anonymous said...

Politic is the same around the world!!! No matter where u go same things happen everywhere!! We all should be glad we are Malaysian and live in a safe country. At least we don't have to worry about War, earthquake, sunami, tornado and all the natural disaster. Nothing is fair in this world. If u can't change the fact then the only way to make u feel better is just accept it :( I am just a ordinary person, earn ordinary money and have ordinary life but I can promise I am a most happier person in the world because I live in Malaysia and I appreciated it!!!

Anonymous said...

Politic's same around the world? Shame on you then...

Anonymous said...

Shame..

amat said...

so if there's no war, no tsunami, no earthquake, no tornado and all the natural disasters, are we suppose to sit down and just watch the corruption and mismanagement and let our hard earned tax money used illegally? lack of natural disasters is god's gift to Malaysia not because of the government's courtesy to its rakyat. I do not agree when one say that politics is the same around the world. It cannot be the same since politics should be shaped by the PEOPLE and strong PEOPLE will not choose leaders who are corrupt and we can list many countries with limited resources but still manage to prosper. Yes corruption occurs everywhere and the question is what do we do about it; SIT DOWN and accept it or SHOW THEM WHO IS THE REAL BOSS. If you think you are safe and comfortable now..are you confident that your offsprings will? Just imagine the same intensity of corruption and mismanagement over the next 30 years. We are already feeling the brunt here with increasing cost of living..just imagine 30 years down the road!

Alan Newman, NZ said...

Watching from NZ: It breaks my heart to see Malaysians could tolerate such monstrous corruption & crime for 40-50 years, in politicians they had elected election after election! How could all of you be so gullible & numb! You are now miles and years behind Nigeria in Afirca. The news there today:
http://af.reuters.com/article/energyOilNews/idAFL5E7L717J20111007 Nigeria arrest s 3 ex-governors on corruption charges.... many have been jailed. George Soros said: If people in China could be shot for embezzling a few thousand dollars, your Srawak CM should be shot thousands of times. I say: If your Teo Beng Hock could be murdered over an issue of few thousand dollars, Your Taib Mahmud & Mahathir should be hanged a few thousand times. How much have you been deprived in 50 years of BN Gov't? Freedom, amenities, comfort, peace, prosperity...., Illegal outflow of funds form M'sia in 8 years was RM880BILLION! Regain your rights, sanity and power now! Act now. Everyone should be a fighter now. God bless you.

Anonymous said...

this article left out a very important fact. The fact that the malaysian government has wasted so much money on trying to bring up it's "dummies". Each year hundreds if not thousands of "dummies" that don't even speak two words of english (lol, i might be exaggerating a bit) are being sent overseas to be educated. A good example was this girl called nur amalina who scored 17 A's in her SPM. She was sent to UK to study medicine through a national scholarship program but only to end up failing both of her first semesters. Just imagine if that money was spent on those people who are really capable of becoming professionals in respected fields. Shame on you, Malaysia!

Anonymous said...

u can say wat ever u like baboon.. as long im proud to b malaysian.. so what if dat gurl failed non of ur damn business.. khaaa khaaa

Anonymous said...

The fact that i do not know much about Malaysia Politics allowed me to not share the same anger as to the corruption and mismanagement others felt. Though, much have been said and many have accused the imbalances and unfair treatments of citizenship in the form of racism and improper distribution of tax payers' money, that i have heard a lot. If such corruption and mismanagement continues, and as one have said before that our offspring will have to face the consequences otherwise, we will have to do something about it. I can say, with most certainty, that i am a responsible citizen who participate in every vote there is, however i do not consider myself to be a proud Malaysian as Malaysia is not a country worth proud of, just yet. I believed Malaysia, my beloved home country, have more to it than there is right now, and that will not be a reality if such corruption still proceed and the same government that has ruled us for the past 30 years continue to do so for another three decades. Therefore i truly hope that i could live to see a day where i can stand up and say i am proud to be a Malaysian. It will eventually correct its course, given time, but please forgive me that i forfeited Malaysian Passport and accepted New Zealand's one, because at current stage, Malaysia is, as i have said, not a worth living country as it is.

fery setiawan said...

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Anonymous said...

Apply Hudud to Mahathir anjing!

bpk muliadi said...

KAMI SEKELUARGA MENGUCAPKAN BANYAK TERIMA KASIH ATAS BANTUANNYA MBAH , NOMOR YANG MBAH BERIKAN/ 4D SGP& HK SAYA DAPAT (350) JUTA ALHAMDULILLAH TEMBUS, SELURUH HUTANG2 SAYA SUDAH SAYA LUNAS DAN KAMI BISAH USAHA LAGI. JIKA ANDA INGIN SEPERTI SAYA HUB MBAH_PURO _085_342_734_904_ terima kasih.الالله صلى الله عليه وسلموعليكوتهله صلى الل

KAMI SEKELUARGA MENGUCAPKAN BANYAK TERIMA KASIH ATAS BANTUANNYA MBAH , NOMOR YANG MBAH BERIKAN/ 4D SGP& HK SAYA DAPAT (350) JUTA ALHAMDULILLAH TEMBUS, SELURUH HUTANG2 SAYA SUDAH SAYA LUNAS DAN KAMI BISAH USAHA LAGI. JIKA ANDA INGIN SEPERTI SAYA HUB MBAH_PURO _085_342_734_904_ terima kasih.الالله صلى الله عليه وسلموعليكوتهله صلى الل


KAMI SEKELUARGA MENGUCAPKAN BANYAK TERIMA KASIH ATAS BANTUANNYA MBAH , NOMOR YANG MBAH BERIKAN/ 4D SGP& HK SAYA DAPAT (350) JUTA ALHAMDULILLAH TEMBUS, SELURUH HUTANG2 SAYA SUDAH SAYA LUNAS DAN KAMI BISAH USAHA LAGI. JIKA ANDA INGIN SEPERTI SAYA HUB MBAH_PURO _085_342_734_904_ terima kasih.الالله صلى الله عليه وسلموعليكوتهله صلى الل